Interchain Foundation Commits $40 Million to Develop Cosmos Ecosystem in 2023

    Interchain Foundation, the non-profit organization that created Cosmos (ATOM), recently announced its plan to allocate $40 million in 2023 to further develop the ecosystem’s core infrastructure and applications. Cosmos is an interblockchain communication (IBC) ecosystem that serves as the backbone for around 50 different blockchains, such as Cosmos SDK, Cosmos Hub, Tendermint Core (now called CometBFT), and the IBC protocol.

    The Interchain Foundation aims to engage additional teams to offer more defined tasks within each area of work throughout the year. The contracts will serve to augment the work of the teams or serve their requirements as they develop over time.

    Among the technologies being developed are CosmWasm and Ethermint, which the company considers the foundations of smart contracts and Ethereum Virtual Machine (EVM)-compatible blockchains. The ICF is helping to fund the development of both technologies.

    Aside from fundamental infrastructure development, the Interchain Foundation also intends to fund initiatives that encourage the adoption and use cases of Cosmos, such as integrating with other blockchain technologies like Polkadot and Hyper Ledger. The foundation will also be supporting initiatives like the Interchain Developer Academy, the Cosmos Developer Portal, the Interchain Builders Program, and other similar programs to promote Cosmos.

    In 2018, the ICF suspended its public Small Grants Program due to a large backlog of applications. However, it intends to resume the program in 2023 and is inviting teams to seek out the Builders Program for mentoring and help in areas unrelated to finances. In the meantime, software developers can utilize the ATOM delegation program to access contribution benefits.

    Overall, the Interchain Foundation’s efforts to further develop the Cosmos ecosystem are expected to drive adoption and use cases for Cosmos and interchain communication technologies. These initiatives are likely to facilitate the creation of new applications, attract more developers to the ecosystem, and ultimately increase its utility and value. With the increasing demand for interoperability among blockchain networks, the Interchain Foundation’s development initiatives could also help drive progress in the broader blockchain industry.

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